Multifamily Property with 10
For Sale
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2171 Thurmont Rd, Akron, OH 44313
Multifamily property featuring 10 units and 8,520 square feet.
Property Size8,520 SF
Price / SF$108.57
Days on Market165
Property Features for 2171 Thurmont Rd
General Information
Standard status
Active
Size
8,520 SF
Property subtype
Multifamily
Net Operating Income
$59,390
Building Details
Year Built
1962
Buildings
2
Stories
2
Units
10
Listing Agency:
Keller Williams Elevate
(216) 299-5092
Listed By:
Stacy Nugent · License #OH 2015003217
Source:
Crexi
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 22 at 5:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Elevate
Investment Insights
Based on property information with market context.
This multifamily property features 10 units. The building has a total size of 8,520 square feet.
Key Highlights
- Multifamily property with 10 units.
- Priced at $92,500 per unit.
- Built in 1962.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,306
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,366,120
$1.4M
Cap Rate 7%
$975,800
$975.8K
Cap Rate 9%
$758,956
$759.0K
Market Conditions
NOI Build-Up for 8,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$130.9K $15.36/SF
− Vacancy
−$6.7K −$0.78/SF
EGI
$124.2K $14.58/SF
− OpEx
−$55.9K −$6.56/SF
NOI
$68.3K $8.02/SF
Area
Akron, OH
Vacancy
5.10%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,366,120
Cap Rate 7%
$975,800
Cap Rate 9%
$758,956
Alternative Uses
Best Use
Apartment 5plus
$975.8K
$853.8K – $1.14M
NOI $68,306 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,362 @ 7.0% cap · market cap 15.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 44313, OH
25,678
Population
14,054
Households
1.8
Avg Household Size
41
Median Age
50%
College-Educated
97%
High-School Grad
13.5 sq mi
ZIP Area
1,902
Density / Sq Mi
$76,404
Median Household Income
$46,882
Median Earnings
$1,041
Median Rent
$216,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property featuring 10 units and 8,520 square feet.
Where is this apartment building located?
The property is located at 2171 Thurmont Rd Akron, OH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Multifamily property with 10 units.; Priced at $92,500 per unit.; Built in 1962.
